Monetary authority of Singapore (MAS) that perform the functions of the Central Bank of the country, will ensure that local banks began to provide cryptocurrency startups to stimulate the development of Fintek industry in the state.
In an interview with Bloomberg, managing Director of MAS, Ravi Menon (Ravi Menon) said that the Central Bank hopes to promote communication between banks and cryptocurrency startups, so they tried to come to an understanding. According to Menon, the main problem faced by cryptostroma in Singapore, is the reluctance of banks to cooperate with them and to open accounts. The fact that many financial institutions, as regulators still treat the cryptocurrency industry with caution because of its very nature, is somewhat different from the traditional Finance sector.
“I hope we can all join minds to overcome this obstacle,” added Menon.
While MAS does not intend to use the licensing system to kryptomere, as do the Japanese regulators to provide companies the opportunity to use banking services. However, Menon stressed that the Central Bank does not propose to maintain a loose policy regulation only in order to attract cryptocurrency startups.
Recall that licensing cryptocurrency exchanges in Japan engaged in the financial services Agency (FSA). In June, the Agency tightened the rules, which must comply with the registered crypto currency exchange, and then announced plans to expand its staff to oversee the companies associated with the cryptocurrency activity.